Bitcoin Pinned below $20,000 Amid a worsening economic backdrop and U.S. dollar strength, Bitcoin (BTC-USD) began the month on a sour note. The leading cryptocurrency continued to slide over the last week, dropping below $18,700 on September 7 to reach its lowest point since June 2022 before rebounding. A key reason behind Bitcoin’s ongoing downtrend remains investor risk aversion. Rising inflationary pressure and fear of a potential global recession are pushing investors to cash, primarily into the U.S. Dollar, while pushing the U.S. Treasuries’ 5-year yield to 3.38% - its highest level in roughly 15 years. However, despite the value sliding by 3.
